You see the ads on TV claiming to settle your tax liability for pennies on the dollar. These advertisements are half truths. You can settle in full with the IRS for less than you owe. But you need to know the IRS formula.
Before you even call for help, see in advance what the IRS will accept. The article linked below has a good description of the formula.
Once you know if an Offer in Compromise is for you, you will need to gather all your personal income, expenses, and loans.
This article has a good run down of what to expect and tricks to settle for the absolute minimum with the IRS: The IRS Audit Manual: Secrets to the IRS Offer in Compromise
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